Hyderabad: Two men lose Rs 1.65 Cr in stock trading fraud, cryptocurrency scam

Hyderabad: Two Hyderabad residents have lost Rs 1.65 crore in two different cyber fraud cases.

One scam involved a businessman losing over Rs 1.38 crore in a fake stock trading scheme, while a second victim was defrauded of Rs 27.5 lakh in a cryptocurrency scam after being lured by a fake matrimonial profile.

These cases highlight the growing sophistication of online fraudsters and the urgent need for public awareness.

Businessman duped in fake trading scheme

A 48-year-old businessman from Vanastalipuram was allegedly duped of Rs 1.38 crore after falling prey to a fraudulent online trading group. The victim was initially added to a WhatsApp group run by individuals named Mukesh Kumar Sharma and Surbhi Gulshan Singh Sobti.

He later joined a second group that provided what appeared to be expert stock tips and trading advice. Initially, the victim was encouraged to invest a small amount, which yielded a quick return. On July 21, he invested Rs 50,000 and was able to withdraw a profit, building his confidence.

This initial success prompted him to invest larger sums into stocks and IPOs. However, when he tried to withdraw his accumulated earnings, he was repeatedly asked to pay additional charges, including "tax," "commission," and "fees."

Over 16 transactions between July 21 and August 26, the businessman invested a total of Rs 1,38,30,000 but was only able to withdraw Rs 1,000. He has since filed a complaint with the Rachakonda cybercrime police, who are now investigating the case.

Matrimonial site fraud costs man Rs 27.5 Lakh

In a separate incident, a 30-year-old Chandrayangutta resident lost Rs 27.5 lakh in a cryptocurrency scam initiated through a matrimonial website. The victim was befriended by a fraudster who claimed to be a woman from London, originally from Chennai.

The scammer gained his trust by promising marriage and then persuaded him to invest in a fake bitcoin trading platform. The victim invested his savings, took out loans, and borrowed money from friends, totaling Rs 27.5 lakh.

While the fake portal showed a balance of Rs 1.34 crore, his attempt to withdraw the money was met with a demand for a 10% "tax" of Rs 13.47 lakh. Realizing he had been scammed, the man reported the crime to the Hyderabad cybercrime police.

Police urge public to exercise caution

In light of these incidents, cybercrime officials have issued a stern warning to the public.

They emphasize the importance of investing only in platforms recognized by regulatory bodies like the Reserve Bank of India (RBI) or the Securities and Exchange Board of India (SEBI).

Authorities are also advising people to be extremely careful with online relationships, as fraudsters often use emotional manipulation to gain trust.

Citizens who fall prey to cybercrime can report incidents on the official website www.cybercrime.gov.in or by calling the cybercrime helpline at 1930.